Insurance Illustrated | June 7, 2024,June 7, 2024

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Education + Analysis for the Independent Agent

Categories Included In This Week's Edition

Advantages of Big 'I' Membership * Commercial Lines * Back to Basics * Agency Management * Personal Lines * Insurance Laws & Statutes/Coverage Resources

Special Feature

The Impact of a Work Environment in the Insurance Industry

People in industries such as insurance – where competition is high, or rewards are driven by results – might be even more prone to experiencing difficult work environments. These risk factors can facilitate and perpetuate an unreasonable workplace

Advantages of Big 'I' Membership

Big 'I' Hires

Big "I" Hires is available to members as a robust online recruiting platform developed to help insurance agencies of all sizes hire top-performing sales and service staff. An array of tools and resources are available to find the right candidate with a few simple clicks and manage the entire process in one online location. When the new hire is identified utilize assessments, then onboarding and education resources for the right experience and acclimation into your agency culture and operations.

Commercial Lines

Ask an Expert Provides Insight on Certificates of Insurance on Behalf of Landlords

Handling certificates of insurance requests on behalf of landlords can be tricky. This agent who also provides risk management services asked our experts for the best ways to respond to and manage these requests, particularly those that cover renovations or tenant build outs.

Beware! Certifical, CBRE, and Other Third Party Requests for Proof of Insurance

An agent asks – I received a proof of insurance request from Certificial. They no longer accept COIs. They require us to sign onto their platform and enter in their information and attach specific endorsements etc. Can we decline to submit policy information this way and force them to accept a standard Certificate? We have seen this 3 times in the past week alone.

Can Administering Narcan Create a General Liability Exposure?

Our Ask an Expert service offers Big "I" members insight into today’s risks or other coverage, technology, or agency management issues today’s agents encounter. This article offers insight into an important question we received: If I administer Narcan as a trained or untrained employee in emergency situations as required by the employer, will the employer’s general liability policy respond based on the “Who is an insured" definition and definition of "bodily injury”?

Back to Basics

Insurance History – And Maybe Some Myths and Legend

Insurance (or assurance), as we understand the concept today, is more than 700 years old. But what events shaped our modern world of insurance? Following are some interesting facts, myths, and legends that helped mold the current insurance world in America.

Agency Management

Another of the Seven “Insurance” Words You Should Never Use

Agents often get requests to use the words “following form” on certificates of insurance involving excess or umbrella coverage. Bill Wilson of Insurance Commentary explains why doing so is a very bad idea.

Does Additional Insured Status Replace the Need for a Waiver of Subrogation?

Lower tier contractors seem to be fighting back on some contractual insurance requirements – even to the point of making improper claims. One in particular is that making another party an additional insured negates the need to waive recovery rights against that party (often referred to as a waiver of subrogation). Well, these risk management mechanisms have different outcomes and only slightly overlap.

Emerging Risks Mean New Risk Exposures and Insurance Solutions

Each year, the CRO (Chief Risk Officer) Forum, formed in the Netherlands in 2004 to advance risk management practices in the insurance industry, provides an update on emerging risks. Its 2022 report may hold no surprises for seasoned insurance agents, but it’s worth reviewing so that your organization can focus on areas that may impact your clients, and your ability to offer important insurance coverages. We’ll look briefly at a few of their top risk picks so that you can better help your clients manage their risks through standard risk management practices such as risk transfer and insurance purchase.

Personal Lines

The “Business Use” Exclusion in the Personal Auto Policy

In practical application, the PAP extends coverage for the business use of a “your covered auto” provided it’s not used to carry people or property for a fee (i.e., Uber or Lyft). Absent material misrepresentation in the application regarding the use of the vehicle, the PAP responds to an incident arising from business use. But some carrier’s apply specific business use exclusions few ever pay attention to, until it’s too late.

Does the PAP Cover Engine Damage Due to Water in the Fuel?

A PAP customer’s engine was damaged by water in the fuel. The adjuster has tentatively denied the claim, citing the wear and tear and mechanical breakdown exclusions. Do you agree? If not, what argument do you make to get this claim covered…if it should be covered?

The 180-Day Myth on a Roof Claim

We recently received a question on a roof claim where the carrier incorrectly attempted to apply the 180-day rule for actual repair or replacement as the only way to obtain replacement cost to a claim. Read on for claim facts and the correct interpretation of the 180-day rule.

Insurance Laws & Statutes / Coverage Resources

Auto Statutes by State

State laws vary regarding auto policies, personal and commercial. Each state prescribes its own minimum limits and other required coverages. Some state require Uninsured Motorist (UM) and some states require Uninsured and Underinsured Motorist (UM/UIM). Is it a Personal Injury Protection state (aka, No-Fault); or are you allowed to exclude a driver?

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